-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JoFnWyYvGY83k6PK4p52Lu6L01Yqh1NmQNrpEANyfZVjQ706J+ZbNdgF9exFEOCa zX7dopjCfZesu1/8SKHPQw== 0001275287-06-005712.txt : 20061103 0001275287-06-005712.hdr.sgml : 20061103 20061102194508 ACCESSION NUMBER: 0001275287-06-005712 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20061102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20061103 DATE AS OF CHANGE: 20061102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARLIN BUSINESS SERVICES CORP CENTRAL INDEX KEY: 0001260968 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 383686388 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50448 FILM NUMBER: 061184331 BUSINESS ADDRESS: STREET 1: 300 FELLOWSHIP ROAD CITY: MT. LAUREL STATE: NJ ZIP: 08054 BUSINESS PHONE: 8884799111 MAIL ADDRESS: STREET 1: 300 FELLOWSHIP ROAD CITY: MT. LAUREL STATE: NJ ZIP: 08054 FORMER COMPANY: FORMER CONFORMED NAME: MARLIN BUSINESS SERVICES INC DATE OF NAME CHANGE: 20030822 8-K 1 mb7752.txt FORM 8-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) November 2, 2006 MARLIN BUSINESS SERVICES CORP. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Pennsylvania 000-50448 38-3686388 ---------------------------- ------------ ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification No.) 300 Fellowship Road, Mount Laurel, NJ 08054 ---------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (888) 479-9111 -------------------------------------------------------------- (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) ================================================================================ ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. The Registrant issued a press release on November 2, 2006 announcing its results of operations for the third quarter ended September 30, 2006. A copy of the press release is being furnished as Exhibit 99.1 to this report. The information in this Current Report, including the Exhibit hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. 99.1 Press Release issued by Marlin Business Services Corp. on November 2, 2006. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MARLIN BUSINESS SERVICES CORP. ------------------------------ (Registrant) Date: November 2, 2006 /s/ DANIEL P. DYER ------------------------------ Daniel P. Dyer Chief Executive Officer INDEX TO EXHIBITS 99.1 Press Release issued by Marlin Business Services Corp. on November 2, 2006. EX-99.1 2 mb7752ex991.txt EXHIBIT 99.1 Exhibit 99.1 MARLIN BUSINESS SERVICES CORP. REPORTS THIRD QUARTER 2006 EARNINGS MOUNT LAUREL, N.J., Nov. 2 /PRNewswire-FirstCall/ -- Marlin Business Services Corp. (Nasdaq: MRLN) today reported net income of $4.7 million for the third quarter ended September 30, 2006, a 38% increase over $3.4 million for the same period in 2005. Diluted net earnings per share was $0.39 compared with $0.29 for the same period in 2005. Net income in the third quarter of 2005 was impacted by an after-tax charge of $756,000, or $0.06 diluted earnings per share, for expected losses related to Hurricane Katrina. For the nine months ended September 30, 2006 net income was $14.8 million compared to $11.9 million for the same period in 2005. Diluted net earnings per share for the nine-month period ended September 30, 2006 was $1.22 compared to $0.99 per diluted share reported for the same period in 2005. Excluding the impact of adjustments related to Hurricane Katrina for both periods, net income for the nine-month period ended September 30, 2006 would have been $14.2 million compared to $12.6 million of net income for the nine- month period ended September 30, 2005. Diluted earnings per share, excluding the impact of Katrina-related adjustments, would have been $1.17 for the nine- month period ended September 30, 2006 compared to $1.06 per diluted share for the third quarter ended September 30, 2005. "Along with reporting another solid quarter of results, we are excited to announce two new financial products targeting the small business market," said Daniel P. Dyer, Chairman and CEO of Marlin Business Services Corp. "The recent launch of Factoring and our Business Capital Loan Product are natural extensions to our core leasing business and Marlin's strategy of serving the financing needs of small business." Highlights for the quarter ended September 30, 2006 include: Asset Origination - Based on initial equipment cost, lease production was $102.0 million in the third quarter of 2006 compared to $97.9 million in the second quarter of 2006 and $79.6 million in the third quarter of 2005. Net investment in leases was $656.8 million at September 30, 2006. - Our end user customer base grew to more than 86,000 at September 30, 2006 compared with 85,000 at June 30, 2006 and 82,000 at September 30, 2005. The number of active leases in our portfolio was approximately 109,000 at September 30, 2006. Net Interest and Fee Margin and Cost of Funds - The interest income yield was 12.57% as a percentage of average net investment in leases for the quarter ended September 30, 2006, an increase of 3 basis points from the quarter ended June 30, 2006 and a decrease of 46 basis points from the third quarter of 2005. - Fee income as a percentage of average net investment in leases was 3.35% for the quarter ended September 30, 2006 compared to 3.44% for the quarter ended June 30, 2006. Fee income was $5.2 million for the quarter ended September, 30, 2006 compared to $5.1 million for the quarter ended June 30, 2006. The increase in fee income is primarily attributed to higher late fee realization partially offset by lower net residual income on disposed equipment in the current quarter compared to the second quarter of 2006. Residual income from disposed equipment was a net gain of $68,000 in the third quarter ended September 30, 2006 compared to a net gain of $246,000 in the second quarter ended June 30, 2006. - The average cost of funds as a percentage of net investment in leases was 4.41% for the quarter ended September 30, 2006. This was a 35 basis point increase from the 4.06% for the quarter ended June 30, 2006. The increase in the average cost of funds was attributed to the assumption of higher debt balances to fund originations as a result of completing a new term securitization transaction, and an increase in the variable rate for warehouse borrowings for the quarter ended September 30, 2006. In addition, the Company increased its available financing through a pre-funding feature in the recent term securitization transaction. The pre-funding proceeds of $122 million will be used to finance new lease production into the fourth quarter of 2006. The pre-funding amount increased cost of funds as a percentage of net investment in leases by approximately 10 basis points in the current quarter. - Due to the factors discussed above, the net interest and fee margin was 11.51% as a percentage of average net investment in leases for the quarter ended September 30, 2006, a decrease of 41 basis points compared to 11.92% for the quarter ended June 30, 2006. - The average implicit yield on new business was 12.73% for the quarter ended September 30, 2006 compared to 12.68% for the quarter ended June 30, 2006 and 12.61% in the third quarter of 2005. Credit Quality - Net charge-offs totaled $2.7 million for the quarter ended September 30, 2006, compared with $2.1 million for the second quarter of 2006. - On an annualized basis, net charge-offs were 1.72% of average net investment in leases during the third quarter of 2006 compared to 1.44% for the second quarter of 2006 and 1.74% for the full year ended December 31, 2005. - As of September 30, 2006, 0.58% of our total lease portfolio was 60 or more days delinquent, compared to 0.54% as of June 30, 2006 and 0.61% as of December 31, 2005. Allowance for credit losses was $7.8 million as of September 30, 2006, compared to $7.4 million as of June 30, 2006. - Allowance for credit losses as a percentage of net investment in leases was 1.21% at both September 30, 2006 and June 30, 2006. - At September 30, 2006, the allowance for credit losses was 176.1% of leases 60 or more days delinquent compared to 190.6% at June 30, 2006 and 192.30% at December 31, 2005. - In conjunction with this release, static pool loss statistics have been updated as supplemental information on the investor relations section of our website at http://www.marlincorp.com. Operating Expenses - Salaries and benefits expense was $5.2 million in the third quarter of 2006 compared to $5.3 million in the second quarter. Salaries and benefits expense was 3.31% as an annualized percentage of average net investment in leases for the third quarter of 2006 compared to 3.55% in the quarter ended June 30, 2006 and 3.40% in the third quarter of 2005. In the third quarter of 2006, the Company incurred approximately $144,000 of salaries and benefits expense associated with Marlin Business Bank (in organization) compared to approximately $60,000 for the third quarter ended September 30, 2005. In addition, option-related compensation expense totaled $240,000 in the third quarter due to the adoption of SFAS 123(R). - Other general and administrative expenses were $2.9 million for the third quarter of 2006, a decrease of $211,000 from $3.1 million for the second quarter of 2006. Other general and administrative expenses as an annualized percentage of average net investment in leases was 1.84% for the third quarter of 2006 compared to 2.08% for the second quarter of 2006 and 2.27% in the third quarter of 2005. Funding and Liquidity - On September 21, 2006 we completed our eighth term asset-backed securitization transaction at a weighted average fixed borrowing cost of 5.51% over the term of the transaction. The securitization amounted to $380.2 million, and the note classes were rated P-1/A-1+, Aaa/AAA, A2/A, Baa2/BBB by Moody's Investors Service, Inc. and Standard & Poor's Ratings Service. Proceeds from the transaction were used to repay the Company's revolving warehouse credit facilities and provide additional liquidity for future lease production. As a result of hedging activity and other transaction costs, we expect total interest expense on the 2006 term transaction to approximate an average of 5.21% over the term of the borrowing. - On September 15, 2006, the Company paid off its 2003-1 term securitization when the remaining note balances outstanding were approximately $31.5 million at a coupon rate of approximately 3.19%. - On September 28, 2006, the Company extended its $125 million warehouse facility to September 27, 2007. - During the third quarter ended September 30, 2006 the Company entered into a series of forward starting interest rate swap agreements with total underlying notional amounts of (i) $200.0 million at a blended strike rate of approximately 5.25% to commence in October 2007, related to its forecasted 2007 term note securitization and (ii) $100 million at a blended strike rate of approximately 5.34% to commence in October 2008, related to its forecasted 2008 term note securitization. - Capital increased an additional $310,000 through the exercise of employee stock options and the related tax benefits during the third quarter of 2006. - The Company's debt to equity ratio was 5.50:1 at September 30, 2006 compared to 4.17:1 at June 30, 2006. The increase in this ratio is primarily attributed to the additional borrowings associated with the $122 million pre-funding feature of our 2006 term securitization. Our debt to equity ratio was a similar 5.42:1 at September 30, 2005 following our 2005 securitization. Conference Call and Webcast We will host a conference call on Friday, November 3, 2006 at 9:00 a.m. EST to discuss our third quarter 2006 results. If you wish to participate, please call (800) 903-0258 approximately 10 minutes in advance of the call time. The conference ID will be: "7Marlin." The call will also be Webcast on the Investor Relations page of the Marlin Business Services Corp. website, http://www.marlincorp.com. An audio replay will also be available on the Investor Relations section of Marlin's website for approximately 90 days. About Marlin Business Services Corp. Marlin Business Services Corp. is a nationwide provider of equipment leasing solutions primarily to small businesses. The Company's principal operating subsidiary, Marlin Leasing Corporation, finances over 60 equipment categories in a segment of the market generally referred to as "small-ticket" leasing (i.e. leasing transactions less than $250,000). The Company was founded in 1997 and completed its initial public offering of common stock on November 12, 2003. In addition to its executive offices in Mount Laurel, NJ, Marlin has regional offices in or near Atlanta, Chicago, Denver, Philadelphia and Salt Lake City. For more information, visit http://www.marlincorp.com or call toll-free at (888) 479-9111. Forward-Looking Statements This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," "may," "intend," and similar expressions are generally intended to identify forward- looking statements. Economic, business, funding, market, competitive, legal and/or regulatory factors, among others, affecting our business are examples of factors that could cause actual results to differ materially from those described in the forward-looking statements. More detailed information about these factors is contained in our filings with the SEC, including the sections captioned "Risk Factors" and "Business" in the Company's Form 10-K/A filed with the Securities and Exchange Commission. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward- looking statements, whether as a result of new information, future events or otherwise. MARLIN BUSINESS SERVICES CORP. AND SUBSIDIARIES Consolidated Balance Sheets (Dollars in thousands, except per-share data)
September 30, December 31, 2006 2005 ------------- ------------- (Unaudited) Assets Cash and cash equivalents $ 34,159 $ 34,472 Restricted cash 179,964 47,786 Net investment in direct financing leases 656,842 572,581 Property and equipment, net 3,573 3,776 Property tax receivables 721 191 Fair value of cash flow hedge derivatives 690 3,383 Other assets 10,970 8,800 ------------- ------------- Total assets $ 886,919 $ 670,989 ============= ============= Liabilities and Stockholders' Equity Revolving and term secured borrowings $ 712,355 $ 516,849 Other liabilities: Fair value of cash flow hedge derivatives 1,801 - Sales and property taxes payable 10,069 7,702 Accounts payable and accrued expenses 9,364 8,467 Deferred income tax liability 23,729 25,362 ------------- ------------- Total liabilities 757,318 558,380 ------------- ------------- Commitments and Contingencies Stockholders' equity: Common Stock, $0.01 par value; 75,000,000 shares authorized; 12,009,489 and 11,755,225 shares issued and outstanding, respectively 120 117 Preferred Stock, $0.01 par value; 5,000,000 shares authorized; none issued - - Additional paid-in capital 80,567 77,186 Stock subscription receivable (19) (25) Cumulative other comprehensive income 2,370 3,520 Retained earnings 46,563 31,811 ------------- ------------- Total stockholders' equity 129,601 112,609 ------------- ------------- Total liabilities and stockholders' equity $ 886,919 $ 670,989 ============= =============
MARLIN BUSINESS SERVICES CORP. AND SUBSIDIARIES Consolidated Statements of Operations (Dollars in thousands, except per-share data) (Unaudited)
Three Months Ended Nine Months Ended September 30, September 30, ----------------------------- ----------------------------- 2006 2005 2006 2005 ------------- ------------- ------------- ------------- Income: Interest income $ 19,629 $ 17,490 $ 55,996 $ 49,593 Fee income 5,241 4,225 15,245 13,258 ------------- ------------- ------------- ------------- Interest and fee income 24,870 21,715 71,241 62,851 Interest expense 6,888 5,618 18,389 14,902 ------------- ------------- ------------- ------------- Net interest and fee income 17,982 16,097 52,852 47,949 Provision for credit losses 3,082 3,510 7,096 8,460 ------------- ------------- ------------- ------------- Net interest and fee income after provision for credit losses 14,900 12,587 45,756 39,489 Insurance and other income 1,365 1,162 3,949 3,551 ------------- ------------- ------------- ------------- Operating income 16,265 13,749 49,705 43,040 Non-interest expense: Salaries and benefits 5,171 4,567 15,570 13,391 General and administrative 2,868 3,049 8,692 8,846 Financing related costs 408 390 1,060 1,173 ------------- ------------- ------------- ------------- Non-interest expense 8,447 8,006 25,322 23,410 ------------- ------------- ------------- ------------- Income before income taxes 7,818 5,743 24,383 19,630 Income taxes 3,088 2,299 9,631 7,753 ------------- ------------- ------------- ------------- Net income $ 4,730 $ 3,444 $ 14,752 $ 11,877 ============= ============= ============= ============= Basic earnings per share $ 0.40 $ 0.30 $ 1.25 $ 1.03 Diluted earnings per share $ 0.39 $ 0.29 $ 1.22 $ 0.99 Shares used in computing basic earnings per share 11,838,677 11,608,450 11,775,028 11,524,164 Shares used in computing diluted earnings per share 12,154,889 12,048,274 12,114,655 11,953,274
SUPPLEMENTAL QUARTERLY DATA (dollars in thousands, except share amounts) (unaudited)
Quarter Ended: 9/30/2005 12/31/2005 3/31/2006 - ---------------------------------------- -------------- -------------- -------------- New Asset Production: # of Sales Reps 113 103 101 # of Leases 8,142 7,566 7,734 Equipment Volume $ 79,632 $ 76,472 $ 82,049 Average monthly sources 1,306 1,202 1,219 Implicit Yield on New Business 12.61% 12.87% 12.84% Net interest and fee margin Interest Income Yield 13.03% 12.96% 12.54% Fee Income Yield 3.15% 3.39% 3.45% Interest and Fee Income Yield 16.18% 16.35% 15.99% Cost of Funds 4.19% 4.28% 3.87% Net interest and Fee Margin 11.99% 12.07% 12.12% Average Net Investment in Leases $ 536,874 $ 554,705 $ 568,248 Portfolio Asset Quality: 60+ Days Past Due Delinquencies 0.72% 0.61% 0.49% 60+ Days Past Due Delinquencies $ 4,656 $ 4,063 $ 3,320 Net Charge-offs $ 1,965 $ 2,513 $ 2,324 % on Average Net Investment in Leases Annualized 1.46% 1.81% 1.64% Allowance for Credit Losses $ 7,900 $ 7,813 $ 7,904 % of 60+ Delinquencies 169.70% 192.30% 238.10% 90+ Day Delinquencies (Non- earning) $ 2,039 $ 2,017 $ 1,544 Balance Sheet: Assets Investment in Direct Financing Leases $ 547,868 $ 562,039 $ 577,219 Initial Direct Costs and Fees 17,902 18,355 19,329 Reserve for Credit Losses (7,900) (7,813) (7,904) Net Investment in Leases $ 557,870 $ 572,581 $ 588,644 Cash and Cash Equivalents 51,656 34,472 4,929 Restricted Cash 108,295 47,786 52,987 Other Assets 15,112 16,150 23,735 Total Assets $ 732,933 $ 670,989 $ 670,295 Liabilities Total Debt $ 582,611 $ 516,849 $ 504,459 Other Liabilities 42,851 41,531 46,645 Total Liabilities $ 625,462 $ 558,380 $ 551,104 Stockholders' Equity Common Stock $ 117 $ 117 $ 118 Paid-in Capital, net 76,528 77,161 78,308 Other Comprehensive Income 3,386 3,520 4,220 Retained Earnings 27,440 31,811 36,545 Total Stockholders' Equity $ 107,471 $ 112,609 $ 119,191 Total Liabilities and Stockholders' Equity $ 732,933 $ 670,989 $ 670,295 Capital and Leverage: Tangible Equity $ 107,471 $ 112,609 $ 119,191 Debt to Tangible Equity 5.42 4.59 4.23 Expense Ratios: Salaries and Benefits Expense $ 4,567 $ 4,781 $ 5,145 Salaries and Benefits Expense annualized % of Avg. Net Invest. 3.40% 3.45% 3.62% Total personnel end of quarter 308 296 301 General and Administrative Expense $ 3,049 $ 3,062 $ 2,746 General and Administrative Expense annualized % of Avg. Net Invest. 2.27% 2.21% 1.93% Efficiency Ratio 44.13% 43.87% 42.46% Net Income: Net Income $ 3,444 $ 4,370 $ 4,734 Annualized Performance Measures: Return on Average Assets 2.06% 2.49% 2.82% Return on Average Stockholders' Equity 13.20% 15.89% 16.34% Per Share Data: Number of Shares - Basic 11,608,450 11,646,864 11,702,161 EPS- Basic $ 0.30 $ 0.38 $ 0.40 Number of Shares - Diluted 12,048,274 12,075,882 12,042,436 EPS- Diluted $ 0.29 $ 0.36 $ 0.39
Quarter Ended: 6/30/2006 9/30/2006 - ---------------------------------------- -------------- -------------- New Asset Production: # of Sales Reps 103 100 # of Leases 8,553 8,882 Equipment Volume $ 97,871 $ 101,962 Average monthly sources 1,333 1,321 Implicit Yield on New Business 12.68% 12.73% Net interest and fee margin Interest Income Yield 12.54% 12.57% Fee Income Yield 3.44% 3.35% Interest and Fee Income Yield 15.98% 15.92% Cost of Funds 4.06% 4.41% Net interest and Fee Margin 11.92% 11.51% Average Net Investment in Leases $ 591,905 $ 624,711 Portfolio Asset Quality: 60+ Days Past Due Delinquencies 0.54% 0.58% 60+ Days Past Due Delinquencies $ 3,867 $ 4,411 Net Charge-offs $ 2,132 $ 2,685 % on Average Net Investment in Leases Annualized 1.44% 1.72% Allowance for Credit Losses $ 7,370 $ 7,767 % of 60+ Delinquencies 190.59% 176.08% 90+ Day Delinquencies (Non- earning) $ 1,648 $ 1,876 Balance Sheet: Assets Investment in Direct Financing Leases $ 609,359 $ 642,113 Initial Direct Costs and Fees 20,826 22,496 Reserve for Credit Losses (7,370) (7,767) Net Investment in Leases $ 622,815 $ 656,842 Cash and Cash Equivalents 3,168 34,159 Restricted Cash 54,457 179,964 Other Assets 17,667 15,954 Total Assets $ 698,107 $ 886,919 Liabilities Total Debt $ 526,286 $ 712,355 Other Liabilities 45,580 44,963 Total Liabilities $ 571,866 $ 757,318 Stockholders' Equity Common Stock $ 120 $ 120 Paid-in Capital, net 79,583 80,548 Other Comprehensive Income 4,705 2,370 Retained Earnings 41,833 46,563 Total Stockholders' Equity $ 126,241 $ 129,601 Total Liabilities and Stockholders' Equity $ 698,107 $ 886,919 Capital and Leverage: Tangible Equity $ 126,241 $ 129,601 Debt to Tangible Equity 4.17 5.50 Expense Ratios: Salaries and Benefits Expense $ 5,254 $ 5,171 Salaries and Benefits Expense annualized % of Avg. Net Invest. 3.55% 3.31% Total personnel end of quarter 319 310 General and Administrative Expense $ 3,078 $ 2,868 General and Administrative Expense annualized % of Avg. Net Invest. 2.08% 1.84% Efficiency Ratio 44.16% 41.55% Net Income: Net Income $ 5,288 $ 4,730 Annualized Performance Measures: Return on Average Assets 3.09% 2.55% Return on Average Stockholders' Equity 17.24% 14.79% Per Share Data: Number of Shares - Basic 11,780,018 11,838,677 EPS- Basic $ 0.45 $ 0.40 Number of Shares - Diluted 12,092,752 12,154,889 EPS- Diluted $ 0.44 $ 0.39
SOURCE Marlin Business Services Corp. -0- 11/02/2006 /CONTACT: Lynne Wilson of Marlin Business Services Corp., +1-856-359-9111 x4108/ /Web site: http://www.marlincorp.com / -----END PRIVACY-ENHANCED MESSAGE-----